It’s one of the classic phrases of the startup universe. We’ve all heard it a million times. It’s so ubiquitous, it inspired a Cards Against Humanity card:

“I have a great idea for a startup.”

If you’re anything like the Startups team, chances are you’ve caught yourself saying this more than a few times. If you’re really like the Startups team, you find yourself saying it a few times a day.

But what exactly is a “great idea?” How do you know when that idea you scribbled down on a cocktail napkin or a post-it note has the makings of a full-blown business? Is it really just a matter of “you know it when you see it”? Or is there more to it than that – something structured and systematic, a template of sorts that you can follow, time and time a...